J K Barnes
Rates Relative Value Portfolio Manager | Hedge Fund | London
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Rates Relative Value Portfolio Manager | Hedge Fund | London | Paris | New York | Switzerland | Dubai | Singapore | Hong Kong
A close global hedge fund partner of ours is seeking an experienced Rates Relative Value Portfolio Manager to join its London investment platform. This opportunity is aimed at an established Portfolio Manager with a demonstrable track record of generating high-quality, repeatable returns through predominantly market-neutral relative-value strategies within global rates.
Candidate Profile
The successful candidate will have:
- A live or recently managed Rates Relative Value strategy with a sustained Sharpe ratio above 1.7
- A demonstrable track record of generating more than $20 million in annualized PnL
- A strategy focused primarily on intra-asset relative value within rates, rather than cross-asset or directional macro trading
- No more than approximately 40% of the strategy’s risk or return attributable to directional positioning
- The majority of returns generated through relative-value opportunities across closely related rates instruments, maturities, markets or structures
- Strong expertise across government bonds, interest-rate swaps, futures, options, inflation products or related rates derivatives
- A clear and repeatable process for identifying and monetizing pricing dislocations
- A detailed understanding of portfolio construction, leverage, liquidity, financing, drawdown management and tail-risk control
- The ability to clearly explain the strategy’s sources of alpha, directional exposure, expected holding periods, capital requirements, capacity and scalability
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Relevant Strategy Coverage
Strategies of interest may include:
- Government bond relative value
- Yield-curve and butterfly relative value
- Swap-spread and basis trading
- Cash-versus-futures relative value
- Relative value across regional rates markets
- Inflation and breakeven relative value
- Short-term interest-rate relative value
- Volatility and options-based relative value
- Relative value across maturities, instruments or closely related markets
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This mandate is not suitable for predominantly directional macro strategies, cross-asset relative-value strategies or portfolios whose performance depends heavily on outright duration or central-bank views.
The Opportunity
The successful Portfolio Manager will receive:
- A meaningful capital allocation, subject to strategy capacity and risk parameters
- Institutional-quality execution, technology, data, financing and risk infrastructure
- Access to experienced quantitative, engineering and operational resources
- Competitive economics aligned with performance
- The opportunity to bring or build a supporting team where commercially justified
- A London-based seat within a high-calibre investment environment
All enquiries will be handled on a strictly confidential basis. To discuss the opportunity, please contact me directly with a brief overview of your strategy, track record, directional exposure, capital requirements and current team structure.
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